Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
I want to file a new tax return without the previous year's balances showing. How can I do this?
To file a new tax return without the previous year's balances showing, you need to pay last year output tax in last year only by passing entry and transferring the output tax into gst payable ledger then take a latest backup and carry forward balances to new year.
How do I properly close my accounting books at the end of a fiscal period using this software?
To properly close your accounting books at the end of a fiscal period using BUSY , you need to follow the steps . It includes
Step 1 : Reconciling accounts
Step 2 : Making adjusting entries
Step 3 : Closing revenue and expense accounts
Step 4 : And preparing financial statements.
What is the meaning of carry forward balances in the software and how will it benefit us?
In BUSY, The carry forward balances refers to the process of transferring the closing balances to the next financial year. This helps in maintaining accurate financial records and saves time by eliminating the need to manually enter the opening balance for each account in the new financial year.
What is the process to restore the backup file for splitting the financial year?
To restore a backup file for splitting a financial year in BUSY, you need to follow these steps:
Step 1: Open BUSY then click on Restore Data.
Step 2: Choose backup folder and press Ok.
Step 3: Select Yes on overwrite option and that financial year company will be restored.
Why am I unable to split a company mid-year in BUSY? Do I need to put the closing balance in the opening balance of new company?
You can not split the company or from mid year.
You only can split the company By selecting the last year or starting year.
After split the year from company you don't need to put the closing balance in the opening balance of new company.
How can I ensure that the balance stays the same if I roll over data from 22-23 to last years?
If there are no changes in the financial year data from 22-23 to later years, then no changes will be made in the current year. However, if there are changes in the details, you will need to manually check the closing and opening balances from both years.
I am unable to enter pending entries from the previous financial year. How can I do this in BUSY?
To enter pending entries in previous financial year you have to switch financial year , to switch financial year follow the below steps:
Step 1: Go to Administration then click on change financial
Step 2: Click on Financial year for the year and press ok
Can I do accounting work for previous years if I have not already done it in BUSY Accounting Software?
Yes, you can do accounting work for previous years in BUSY to go to in previous year you use shortcut key
F11 and then select the Financial year and change it and Even you can change from administration and select then select the change financial year option.
Which financial year is currently being used by the software, and how can it be changed if necessary?
Financial year show in bottom in which financial year is used.
If you want change financial year you can use shortcut key f11.
For change financial follow these steps:
step 1: Go In administration
step 2: Go in change financial year
step 3: select year on which you want to change.
Can i create new financial year within the existing company or i need to create new company?
In BUSY, you can simply create new financial year within existing company by follow these steps:
Step 1: Go to administration section then click on change financial year.
Step 2: Select new year then press yes to create new year.
Step 3: Click on start and let the process complete.